ICSID proposes “comprehensive changes” to modernise its rules for resolving disputes between foreign investors and States

ICSID has proposed wide-ranging amendments to its rules and regulations for arbitration, conciliation and fact-finding and has introduced a new set of rules for mediation. ICSID describes its proposals as “the most far reaching in over 50 years”. The proposal includes new rules on expedited arbitrations, transparency and deadlines for rendering awards. It also includes amendments to existing rules, including in relation to proposals for disqualification of arbitrators.

ICSID Member States are meeting in September 2018 to discuss the proposed amendments. ICSID rules and regulations may be amended with approval of two-thirds of ICSID Member States.